RIDGEFIELD, Conn, Nov. 16, 2004 (PRIMEZONE) -- Markland Technologies, Inc. (OTCBB:MRKL) (http://www.marklandtech.com), an integrated homeland security company, announced today that it reported record results for its fiscal first quarter ending September 30, 2004.
Revenues for the quarter were $15,769,851, a significant increase over revenues for the corresponding period in 2003 of $306,724. This increase is due almost entirely to the acquisition of EOIR Technologies Inc. Net cash provided by operating activities for the quarter was a positive $2,503,859 also a significant increase over the corresponding period in 2003 in which the company experienced negative net cash used in operating activities. Operating results was a loss of $748,653 for the quarter. Net loss was $1,246,021 or a loss of $.03 per share compared to a loss of $911,936 or a loss of $.22 per share in the corresponding period in 2003. This decrease is due to an increase in the weighted average number of shares outstanding to 38,352,594 from 4,746,887. Please see refer to our Quarterly Report on Form 10QSB for the quarter ended September 30, 2004, filed with the Securities and Exchange Commission for more information about our financial performance. That document is a public filing available on the SEC's web site at www.sec.gov.
"This has been our best quarter ever," said Robert Tarini, Chairman and CEO of Markland Technologies Inc. "We have met our expectations and will continue to strive to grow the company and improve our financial results. As of the end of the quarter we were operating cash flow positive and had a cash balance of over $6M. It is approximately two years since our efforts began and we have made great strides forward. Our dedicated staff of over 200 employees is poised to continue to grow this enterprise and provide highly differentiated products and services to the US Department of Homeland Security and US Department of Defense to protect our country and our military."
About Markland Technologies
Markland Technologies, Inc. is committed to helping secure America by providing innovative emerging technologies and expert services to meet the country's needs to protect our people, our borders and our infrastructure assets. The Company is a Board member of the Homeland Security Industries Association (http://www.hsianet.org).
"Forward-Looking Statements"
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Markland Technologies officials during presentations about Markland Technologies, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings, growth rates, or our expected quarterly revenues), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: difficulties integrating our acquisition of EOIR, insufficient cash flow to continue to fund the development and marketing of the Company's products and technology; a rejection of the Company's products and technologies by the marketplace, and; disputes as to the Company's intellectual property rights. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Markland Technologies, its products, economic and market factors and the industries in which Markland Technologies does business, among other things. These statements are not guarantees of future performance and Markland Technologies has no specific intention to update these statements. More detailed information about those factors is contained in Markland Technologies filings with the Securities and Exchange Commission.
Source: Markland Technologies Inc. Markland Technologies, Inc is a featured Company on HomelandDefenseStocks.com, a service for which Markland compensates the provider.
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